Oct. 11 (Bloomberg) -- Arab investors are buying into
Spanish soccer to bridge a cultural divide and find deals in the
European country’s ailing economy, such as building a Marbella
super-yacht harbor.

A company led by Qatar’s Sheikh Abdullah Bin Nasser Al
Thani won a contract in May to develop the $550 million port
project a year after acquiring first-division team Malaga. Royal
Emirates Group, controlled by Dubai’s Sheikh Butti Bin Suhail Al
Maktoum, may invest in tourism and solar-energy projects after
buying Madrid-based Getafe in April.

The Arabs see value in a country that “badly needs fresh
dollars” as Europe’s sovereign debt crisis pushes up borrowing
costs and hampers economic growth, said Jaume Gine, a professor
at Barcelona’s ESADE business school who lectures on trade.
Sheikh Butti plans to lead a 50-person delegation to meet with
Spanish entrepreneurs at a Getafe game later this month, Royal
Emirates Managing Director Kaiser Rafiq said.

“This is a sort of football diplomacy,” Rafiq said by
telephone from Dubai. “There are some opportunities taking
place in Spain due to the economic situation.”

It’s the latest foray by Gulf investors into European
sports. Abu Dhabi’s Sheikh Mansour bin Zayed Al Nahyan bought
English soccer’s Manchester City in 2008 and the McLaren Formula
One team is part-owned by Bahrain’s sovereign wealth fund
Mumtalakat Holding Co.

‘Cautious’ Welcome

Royal Emirates has had a “cautious” welcome among Getafe
fans after its $120 million buyout of the team because its plans
aren’t clear, says lorry driver Rafael Ballano, who has followed
the team since he was seven.

“They could decide to change the name of the team or move
it somewhere else,” Ballano, 57, said. “They are welcome as
long as they don’t undo what the club has spent 40 years
building.”

Royal Emirates, which doesn’t plan to change Getafe’s
management structure, is more active outside soccer, Rafiq said.
It’s in talks with developers about financing a spa resort based
on a former Arab settlement, Wadi Ash, near Granada, he said.
Islamic leaders controlled the Granada region among other
swathes of Iberia between 711 and 1492.

“The Arabs have very close ties to Spain and we feel that
is a connection that should be evolved back again,” Rafiq said.
The group is also interested in deals with solar-energy and
pharmaceutical companies, Rafiq added.

Opening Doors

On Spain’s Costa del Sol, Sheikh Abdullah’s $14 million
acquisition of the Malaga team is “creating a social profile in
our country that opens doors,” Jose Luis Hernandez, head of
tourism in Marbella, said by telephone. Marbella town hall
awarded the Qatari royal a contract to develop the Bajadilla
harbor in May.

In an interview last July, Sheikh Abdullah’s associate
Abdullah Ghubn, the Malaga vice president, said buying into
sports can put you “in touch with the whole world.” Sheikh
Abdullah wasn’t available for interview for this story, Malaga
team spokesman Victor Varela said.

“You can meet the King or prime minister” as a soccer
club owner, said Marc Tosca, a manager at Barcelona-based
Batalla Juanola Group, which brokered Getafe’s sale.

The Spanish national team is the current world and European
champion, while Barcelona won its third European Cup club title
in six seasons in May.

‘Moving Mountains’

Sheikh Abdullah bankrolled $79 million of offseason
signings including striker Ruud van Nistelrooy, outspending Real
Madrid. It’s the best team Malaga has ever had, according Manuel
Peinado, a restaurant owner from Fuengirola who is president of
a Malaga fan group.

“The Sheikh’s money is moving mountains,” Peinado, 62,
said. Malaga is fourth in the 20-team top division after six
games. It’s never finished higher than seventh.

On arriving, Sheikh Abdullah replaced bookmaker William
Hill Plc as jersey sponsor because gambling is banned under
Islamic law. He replaced it with United Nations agency UNESCO.
Royal Emirates plans to set up a pavilion about Arabic culture
at Getafe’s stadium, Rafiq said.

“We do not have the attitude that we want to rule
things,” Rafiq said. “We just want to learn things.”